The United States has posted a Federal Register notice announcing a retroactive reduction of import tariffs on South Korean automobiles to 15 percent.

According to the notice released Wednesday, the lowered tariff will apply retroactively from 12:01 a.m. on November 1, Eastern Daylight Time.

The reduced rate applies to South Korean vehicles and auto parts imported or withdrawn from warehouses for consumption.

The document was posted for public inspection, with formal publication scheduled for Thursday.

The retroactive adjustment follows the South Korean ruling Democratic Party’s submission last week of a special bill to facilitate the nation's investment pledge under its bilateral trade deal with the U.S.

In a memorandum of understanding signed Nov. 14, the two sides agreed to apply the tariff reduction retroactively to the first day of the month when the necessary legislation was submitted to the South Korean parliament.